Fubon’s first acquisition in Korea
Fubon Financial Holding has agreed to pay around KRW220 trillion (US$198 million) for a 48% in Hyundai Life Insurance in the Taiwanese group’s first acquisition in South Korea. It will become a strategic partner of Hyundai Motor Group, which will own a 50% stake in the South Korean insurance company after the deal.
The two companies may work together in the Chinese market and form joint ventures to expand together, according to Fubon, the second largest financial services firm in Taiwan by market capitalisation, which owns both life and general insurers and banks.
Willis expands in Taiwan
Willis Group Holdings is acquiring Elite Risk Services. The move will almost double its size of existing business on the island and strengthen its client offering to larger accounts, particularly in the marine and technology, media & telecoms sectors.
The transaction is subject to regulatory approval. The terms of the transaction were not disclosed. Elite’s 24 staff will join Willis and the Elite brand will be dissolved. Willis Taiwan currently employs 35 staff from its headquarters in Taipei.
AIG sells Taiwan consumer and SME businesses to Nan Shan Life
AIG has agreed to sell its consumer and SME businesses to Nan Shan Life for US$158 million.
The deal is expected to close in the second half of 2016, subject to necessary regulatory approvals. AIG will retain its commercial insurance operations.
Subject to the relevant regulatory approvals, AIG, through AIG Asia Pacific Insurance Pte Ltd, will establish a branch office in Taipei to enhance its focus on commercial insurance operations, including property, casualty, financial lines, marine, and trade credit.